Maybe not forced but wasn't there some legislation a year ago to lower barriers and make these loans more available to lower income buyers?
There were actually laws put into place not necessarily "forcing" loans down anyone's throat, BUT they did change the lending laws to the extent to where some new products could be offered.
The fact that blacks claim this is targeted at them is crazy. Those changes were actually made more for self employed individuals than any race or gender. Bottom line was, that if you came to a lender and met credit criteria, and the home appraised out, you could find financing, even if it meant being on a stated income loan.
I didn't read the article, but I've seen/heard this too many times. At some point, someone needs to look back at the consumer sitting across the table from them, slap them in the face, and tell them to be more responsible with their signature. Read your documents. For EVERY R/E loan done in this country, there must be a Good Faith Estimate given to the borrower within 3 days of the application. You have every right in the world to have that inspected by a 3rd party.
I offer all my customers that service, whether they let me do the loan or not. There are more than enough honest lenders out there, the problem is that Americans are greedy, they want their loan, and when someone says "yes", they don't think twice, b/c if they do take it to someone, they may give them bad news.
George Zimmer is their arms dealer. <shivers>.
